Dubious currency Exchange Practices at Moroccan Banks: A Need for ReformWashington / Morocco Board News Service - To transfer funds to Morocco from an American bank to pay for merchandise, buy an asset, start a business or help family members, the first words you will hear from the local bank clerk is that Morocco is on the A List of Slow-to-Pay Countries. It has always seemed bizarre that this is true.
Moreover, given the world economic crisis, Moroccan banks should provide a friendly business environment to the Moroccan Diaspora , and to foreign customers who bring in badly needed hard currency.
Sadly, experience with banks in Morocco shows the opposite.
Within this context, I am writing to bring up a point that I feel concerns anyone who does business with Morocco, and to hopefully start a process where an inequitable situation can be studied and rectified. Addressing these somewhat abusive banking practices would give greater dynamism to the economic potential of international trade with Morocco.

I am a long time customer with Attijari Wafa Bank, where all of my business transactions between the US and suppliers in Morocco take place. On August 10, 2010, I sent a wire transfer to my supplier in Morocco in US dollars. Normally, the recipient bank should exchange the funds with a value equal but not less than what is declared on its exchange chart for the day the funds reaches the sender's account..

On August 13, I was surprised to learn that the Attijari Wafa Bank credited me with the transfer in Dirhams with the exchange rate dated back to August 10. In other words, according to bank official documents, the Attijari Wafa Bank received the funds on August 13, yet they applied the exchange rate of three days BEFORE the money arrived into their account. The general manager promised to "investigate" the issue with headquarters in Casablanca; however, it has been over two weeks and no formal response was given.
According to the website of Morocco's central bank. Bank Al Maghreb, the dollar values had increased between August 10th and 13th, the dollar went up from 8.47 on August 10th to 8.54dh on the 11th, and it reached 8.63 on the 13th.

Attijari Wafa Bank purposefully applied a lower exchange rate than the one listed by the central bank, and they pocketed an extra 5000 dirhams form my hard earned money.

According to a World Bank report dated April 23, 2010, remittance (payments) from Moroccans residing in the United States to Morocco have remained flat for 2008, and Morocco continues to hold a place among the top 20 remittance recipients with six (6) billion dollars recorded in 2009 -- despite the US economic recession that started in 2008 and claimed many jobs of Moroccans living in the US.

Banks in Morocco usually hold international transfers from three (3) days to a week, and, in some cases, up to two weeks; that is the reason Morocco is classified as one of the slow to pay countries. To understand why, I conducted a survey on 45 wire transfers I recently sent to Morocco. Transfers leave the sending bank, arrive at an intermediary bank which then processes the wire transfer, and they then finally arrive at the receiving bank. The receiving bank will then decide when they are going to process the wire transfer.

When the US dollar value is stable, the bank (in my case Attijari Wafa Bank) holds the funds up to two weeks and more); however, when the dollar is unstable, they release it within three business days but they change it with the lowest value in these days .

It is seemingly unethical for banks in Morocco, like Attijari Wafa Bank, to manipulate funds sent to Morocco for their own profit, especially when the remittances of Moroccans living overseas represent 6.74 percent of the Moroccan $88.9 billion GDP .

For the past decade, the Moroccan government has been working to lead a transformation of its economy to achieve sustainable growth based on collaboration with the private sector, to accelerate economic activities to attract foreign investments, reach the goal of 10 million visitors per year, and build a structure to sustain its growth and protect foreign investments. Unfortunately, the banking system seems to be working only for its own benefit, without a strategic plan for the country; in fact, the economic reforms that were put in place in the mid 80's to facilitate the transition from a controlled economy to a liberalized economy driven by the participation of the private sector, especially the financial institutions, now represent a threat that may lead to a failure of the economic reform.

Clever bank advertisements with well dressed and smiling models in expensive suits and handshakes between bankers and customers will not cover for the routine practices described above. Such practices will need to change before "Morocco-is-open-for-business" claims can be taken seriously by foreign investors and Moroccans alike.

People that have experienced a similar situation with a Moroccan financial institution should work to expose it and stop the abuse. Greed and other misconduct within Moroccan banks are a threat to Moroccans abroad and to Morocco's economy. Perhaps we can start an exchange on this issue. Adil Naji is a Moroccan American business person, who writes on current Issues.

Comments (78)

Moroccans banks are always going after their own interest and how to maximize their income and profits. They could careless for the interst of the Moroccan diaspora. What need to be done is unless we stop them and change the law no one will do. but the question si can we do it?

+1#2Greed is a disease within financial institution —
Touria from LA2010-09-02 13:25

All I know that banks will continue the hard work of immigrants as long as the government allows for open unrestricted supervision. Liberalism without any accountability is a poor system deems to fail.

Spain, Portugal and even Greece had its share but will Moroccan banks see the unexpected. I do not think so. When you buy a house in Morocco, the bank lawns you 70 to 75 % of the real value of the house and at least 25 % you pay it cash to the landlord (undeclared value). Even if the economy collapse, the banks always maintain title toward 100% of the equity of the house where the Lawn is only equal to 75%. What is needed is transparent system to protect consumers not to make the banks richer. On another matter look at the interest rate Nowadays in Morocco and you understand why banks have the upper hand. You will find it between 7% and 9% for home owner!!!

Thanks you Mr. Naji for the article. Banks in Morocco need a complete facelift to meet the standard of the Moroccan Diaspora and the foreign investors. The reason why you can’t do online banking business in Morocco is that banks afraid that intelligent customs will expose their misconduct and manipulation of funds and transfers. They are not afraid of security, they are worry you will know their secrets. If 1000 person from all the Moroccan living aboard sent a wire in the same amount of Mr. Naji , Attijari wafa bank would have made at least more than $650,000. On that day. I think they are on the right business of rubbing people their hard work and the central bank should step up and investigate this issue. Thanks

Sadly Mr. Adil, the MRA has zero power to be able to make any change. Most of us are so consumed by our life here. We have zero representation back home and everyone back home thinks that we are a money machine and if you lose some money doing your transactions, it will not affect you a bit and besides you are in a better situation than the banker in any case. It is hard to change how people think, the reason we here think the way we think is because we are exposed to the rule of law, back home they are exposed to theft and the rich eating the poor. I wish I could say something more positive.

Not having great love for the customer service side of Moroccan banks, the blog post is riddled with misunderstandings on how FX wires are treated globally and even specifically.

Re FX rates, there is always a spread, the Bank Al Maghrib published rates are references, and no where in the world do you get reference rates as a retail (or even ordinary corporate customer). The differential is a standard bid-offer spread. Complaining about this merely betrays a fundamental lack of knowledge, however emotionally satisfying it is to play victim.

A spread is 3,5 or even 10 cents not 25 and 30 cents.Banks are definitely taking advantage of Moroccans Living Abroad. One has to pay a fee to wire the money(commission)but on top of it gets more than 25 cents cut in Fx rate. Check Thomson or Bloomb and compare to any Moroccan Bank's rate

The author is not talking about using a wire through western union or Dirham express; in this care you know the fx rate at point of wire. The bank doesn't change the rate at point of receipt.What the author is talking about is when you wire money direcly from your Bank account in US to Morocco.It takes longer and it's treated different. I m not sure if the cut the bank is taking is a commission or what

The worst part is if your Dirhams reside in Morocco and you want to bring them here to use them for whatever reason instead of sitting in some Moroccan bank, you are of luck dude. This should be considered a crime against humanity. Last time I was there with my very very young son, he was searched from head to toes while at the airport. I being helpless just wanting to get the hell out of that hell called Mohammed V airport, was just watching with extreme disgust how can Mr douanier search a little boy that thoroughly thinking we are getting money out of the country. I traveled with my kids to several countries and never experienced a gram of inconsideration that i get in my own country. What a shame!

For those of you who live outside Morocco, consider yourself the luckiest man or woman on earth. You probably already know that. We all get home sick, but home is no home anymore.

What te author is refering to is how banks manipulate clients funds. In addition to wire fees from sender and recipient bank , in Morocco regardless of the rate of the day, banks will manage to take a cut from the trasnfer as if it is their own funds. I had similar situation last year and decided not to use Moroccan banks and send funds directly in Dirham. For sure morocco lose having hard currency , in return my American bank buys dirham and send it. And I know how much I am getting without going to hassle with the big mafia .Until banks sees our money as equally as important a theirs, we should start sending our funds in Dirhams . They do not know how to value the dollar .

0#13Previously employed by a Moroccan bank, Now I work for yself in the US —
Amrioui Omar2010-09-03 04:36

Mr. William Fellows, Apparently you never had an experience to send a wire transfer from business account to another. Otherwise you will know what the author is referring to. I have worked in a Moroccan bank for 15 years and what the author is stating is true. Every day each bank in Morocco receives from its headquarter in Casablanca detailed chart with exchange rate Buy/ Sale . Nowadays, it is done electronically. There are eight categories under each buy and sell for the day. Banks deal (buy /sell currency) with banks , bank Almaghreb, wire transfers from to business account ( whish si considered preferred and should receive higher rate), and wires from individual accounts .Mr. William please next time you suggest something, try to back it up with evidence and proves and not just talk. A western name does not make know more about the subject. banks take advantage from international wire transfers and to prove it to you, check the balance sheet of any banks including attajari wafa bank and you will find that in 2007, the gain from international transfers was over 624 million DH over 70 Million US doillars

Banks can not deal with foreign investors (western Investor) the same way they do with Moroccan aboard. It is a complex that many Elite in Morocco has. Very similar to racism between black and white and Fassi and Aroubi .Bankers consider Moroccan Diaspora as ZMAGRIA working to send money to their families. The fact that the author was cheated in large or small amount of money is not the main focus; the goal I see is how to prevent such action from taking place over and over.

I may just have the solution for your issue. next time you should hedge your wire transfer transaction against fluctuations in currency rates. And I just so happened to be the guy who sells interest rates swaps (derivatives) :-)

Morocco is on A List of Slow-to-Pay Countries!! Thank God it is not on non paying coutries. What do you expect. Despite all of the kings hard work to change the country corruption is still at large, banks stealing money left and right and everybody is wal hamdolilah living FOOK FIGIGE. Wake up , what do you expect from these crooks. To behave with ethics. what kind of ethics beside Dirham and if it is dollar then it is much better at least the cut is bigger!!!!

0#17Do We Not See the Difference? —
Abdelhafid Missouri2010-09-03 07:11

Thank you Si Adil for such an eye-opening article. We the Moroccan Diapora in the world of today have been exposed to standards of accountability and good management practices. Thefore, we have learned the importance of transparency and the evil of shady dealings. When you open a bank account in the US, you can access it online. You see your transactions and in case you see someting that is not right, you pick up the phone and call customer service to complain. Your complaint is recorded and the grievance is fixed. But is Africa and the Middle-East abiding by international law when it comes to banking? I doubt it. can you check what is happening to your bank account in Morocco from your host country? No.Again, we have to reconsider this relationship and solidify it only on bases of transparency and good practice. If not, hell with it!

you see, we all know that banks or any business enterprise aime is to maximize profit;but that does not mean that they should exploit customers. I read the article and what u said is a veritable reality; that's exactly what they do. I am a foreing student studying in Morocco reading economics majoring in banking and finance. I have been opportune to to notice this several times through my job trainning. they also apply the same malpratice on we foreign student transfers from our respective countries when ever our governments or parents send us funds, instead of them giving us the rate of the date of the transactions, they many a time backdate or use false rate in order for them to gain excess remittances.I am very happy that u publish this article; maybe it will help for them to change attitude and become sincere in their transactions. thank u so much for it.

Welcome to the club... Once I withdraw money from BOA (USA), then I took it with me to Morocco thinking I will have some leverage in exchange rate... yet, I found that each bank runs its own currency exchange rate differently. The rates are not same from one bank to another.. I end up driving around town trying to look for the best rate.. When I did, it was 3:00PM and the bank clerk told me that that they stop exchanging money.. So, I went back next day to find out the dollar value was less? At that point , I did not care I exchanged the money, However, during the transaction the banker held one 100$ bill, telling that it was fake money !! I thought he was joking , because I knew the money came from my checking account from my Bank of America... and the money was good... it was a large some and he felt , it was an opportunity for him to skim some money for that day..I resisted without result, they confiscated my "Benjamin " bill and they told me that they will send it to Rabat Bank El Maghreb... Check with them... go to Rabat and talk to them... all that just to get me out of the bank because they made their cut for the day... weeks passed by I went to the Bank to claim my hundred dollars , I was told the note I was given was expired and so the 100 dollar bill... I never knew that money expires!! Banks in Morocco are Valueless..Well my friends... speak and do not sleep... one day we will reveal...God Bless and Ramdan Mubarak...

Unfortunately the 90% of Moroccans are getting screwed up the wazoo in ways that would shock the devil, yet the poor citizens are TV trained to repeat Golo l3am zin, democracy, human right progress, 10 years of progress. get the heck out of here, 30 million people getting screwed by few families.

I completly feel what the Author is describing. my obeservation is that Laws governing Moroccan banks and financial institution are outdated. The truth is that these laws were put in place to protect the big crooks running these mega institutions and extract the blood of the customers as much as it possible. Just examine with me if you write a check without a balance for any reasons regardless of the amount , you are faced with harsh punishment and in most cases jail and you will never be able to leave the Moroccan territory before settling your case with the Moroccan authorities , but , if you are a top executive in these banks, you are free to embezzle from the bank and send the stolen funds overseas and then leave the country without any problems, finally you will be sentencing in absence and later you may be exonerated. Just count how many Moroccan ex top bank executives are outside in Morocco for fraud. The list is too long and no progress is expected as long as the system is protecting the big guys.

here is another Attijari wafa bank Scandel Mr. Truth Seeker, last year I opened what was supposed to be an account with Attijari wafa bank in USD ‘’Account en devis’’.I wired the money from the US to Morocco in US dollars. For the next six months I was receiving bank statement in US dollars , one day I decided to withdraw some of my funds in USD, I went to bank and I was surprised that the bank manager asked me to come back the afternoon because they need to obtain the Ok from Casablanca. I went back the afternoon and then the bank manager told me that the procedures is that I have to convert the dollar into Dh, and then buy the amount that I need from them. Could you believe this? At that point I had enough and I asked the bank manager to wire my entire funds back to the US and I had to pay some penalties and transfers which I did not mind as long as I get back my money from these guys. There is no law to protect the funds of Moroccan Diaspora and the ministry in charge of Moroccan abroad (minister Amer) should seriously study this issue, otherwise, the repercussion will be too severe to manage for both the Diaspora and the government

This subject is important to all of people who have contact with Morocco. The truth is hard and now we realize that we have been cheated one way or another with some or all of the banks. We need to address this issue very seriously. This is money my friends and we do not find them in the street nor do we get them from gambling. Moroccan government especially the central bank in Morocco, the ministry of trade and industry, and ministry of Moroccan living aboard should address this issue in the parliament and commit to an investigation to protect consumers . Only the parliament is capable of legislating and or modifying he laws to enforce accountability and transparency with the financial system. If no response is generated from the parliament, then that is another story!!!!!!!!!!

I agree with theses in favor of A Need for Reform. Banks in Morocco should be held responsible on their conduct and mistakes .I strongly believe that these practices are very common among banks simply they know that immigrants won't have time to pursue them in Morocco and they are busy with their own problems overseas. It is easy operations to gain more money and headache free since the client is not in the country.

Bahja, I had the same experience. The clerk a the bank who knows couple of my family members because they have their account there started to do his visual inspection basically holding the $100 bills up and facing them to the ceiling lights and at the same time separating some of the bills, When done he told these are good but these are suspicious. I told him " give me my money , give me money ", I took my money and let without saying a single word. I never thought that such a thing can actually happen. I thought that i was dreaming. My question to you dear all. How can you possibly think of one day going back to settle back in your country?

+2#31Same Criminals who run Moroccan Government Run the Banks —
Moroccan Patriot2010-09-05 06:37

The Moroccan Banking system is psychotic. It is beyond ridiculous that you should have to pay a tax to deposit money into your own account, albeit a small 1.5 DH tax... those who deposit money should be greeted with open arms and treated with respect and appreciation. This is very much NOT the case in Morocco.

The solution is to break Moroccan Law. DO NOT USE Moroccan Banks for ANYTHING. There is a great Black Market in Morocco where you can get top exchange rates for Dollar and Euro. If you need Dirham simply go to the black market. Do NOT use Moroccan Banks.

Moroccan Banks do not care about customers money because they have so much dirty money coming into them. They get Millions of dirham from powers to be who are constantly stealing money from the country... ironically enough, those in power send all of their money to foreign banks and do not deign to use Moroccan banks.

I used to send my entire paycheck into a Moroccan Bank, but now, I send it all to American and European banks. Sending money to Moroccan banks only helps to support the currently corrupt government officials running it. The sooner these banks run out of foreign currency, the sooner they will lose power.

I opened an Account back in 2007 with BMCE through dirham ex. initial balance was around 12,000 dirham. I waited couple of months for a monthly statement or any document to prove that I have an account, but I never received anything except that receipt I received from Dirham Ex. I spoke to Dirham Express Rep, he/she told me that they can't help since it's the Bank's issue and theirs.I decided to wait until I get a chance to visit lebled. Welah I received a zip,nada,not a single statement until july of 2010 when I visited lebled. The 2nd day I got there, walked in to an agency and asked for amount left since they were deducting/debiting my account every few months. The amount taken periodically was small but made me angry since they lent the money to some poor guy at 10% or more while taken a cut from my account. Tale3in waklin, habtin wakline din mehoum. I would mind getting charged if I received any service from them;but I never received a check book, a bank card or even a statement. SOBs

Patriots,Moroccans will always use Moroccan banks, will always use la RAM. The worse you treat them the more they come back. The author himself will continue to use Moroccan banks. You know why? because they are holding us by the balls, it's called monopoly. Rich Moroccan elites are holding everyone hostage and no one can do a damned thing. We can only bark and bark some more.They are too powerful and we are so unorganized. We have NO ONE who cares about the MRA. Besides, The so called MRA representatives are all crooks and look only after themselves. MRA will never boycott Moroccan institutions because their have family members who rely on them and the elite know that. The only person who can change things is the king.

I stopped banking in Morocco few years ago. The Whole thing was way too confusing. On one hand : No interest on your money because the Koran, or The Sharia or something forbids that.On the other hand : You get charged. Monthly, a certain percentage (I Forgot how much) because you did not make any transaction on your account!

I swear this true!

I am Muslim. I might be clueless about what our religion says about banking. Still, you cannot cherry pick witch Koranic laws that pay for your Mercedes!

Per @the wise one: [quoteSi Adil. You have opened a can of worms. Next subject please.

Si Adil, you should know better. Do you know how we deal with problems in Morocco? we just don't talk about them and some how they go away. You should know this by now a Si Adil. By NOT complaining about some one stealing your money, you had a chance to get it back...what were you thinking?

+2#37Keeping Moroccan away from the Global Economy —
Truth will set you Free.2010-09-07 19:15

The Moroccan banks fullfill the function intended for them by the Oligarchs who rule Morocco. The goal of these oligarchs is to prevent a middle class from developing in Morocco. The way they keep the middle class from developing is by making it all but impossible for Moroccans who do not have the right last name to do business with the outside world. The Police are used to keep the people of Morocco in line. The Army is used to keep the police, gendarme and functionaires in line. Everything is based upon fear. The average Moroccan is left living in constant fear, and this is intentional.

If the Moroccan government had any interest in the welfare of the people, they would abolish archiac laws that prohibit Moroccans from engaging in global commerce. The fact that Moroccans are simply NOT ALLOWED to purchase items from outside of Morocco, through the internet or mail order, should be enough to prove that the rich want to continue to abuse the poor of Morocco.

I hope that all of you could one day interact with the very richest and most powerful of Moroccans, as I have. You would be shocked at the utter disdain that they have for the average Moroccan. You would also be amazed as to how blaze and open they are about the reasons for not allowing Moroccans access to economic prosperity.

The key to bringing the Arab world, and Morocco in particular into the modern age, the key to improving the education system, the key to fighting corruption, nepotism, clientism and a number of other injustices that plague Morocco is NOT fighting Islam, the key is economic prosperity. Unfortunately, until those in power are eliminated, economic prosperity will remain in the hands of a handful of families who rape the country of all of its most valuable resources and keep the rest of the population in a state of immobilizing fear.

What is told above is true , 20years here and confirmation of all the crafty business, with all the incompetence of most , who have got jobs in banks , thanks their relatives, talk to you like to a dog, make their laws . In france we treat Morrocansas nationals , for everything , this is why there are so interested to come , laws are respected, here the opposite is not true , you are a gawry , with all inconvenience,just the right to pay more as being a CEE member , supposed to be rich,what a bunch of stupid brains !!!Yes ,the mail from bmce , is not always delivered , letter boxes are not compulsory , your mail is opened, or left by the hanout , It's a complete mess everywhere including the refuses in he street , the lack of organisation , the beggers , even young ones ,who might be employed to clean the streetI never saw such a lot of inneficiency. A man from a CRI supposed to help businees to settle told me that France , will never be able to produce goods !!!! and that she will have to relay on Morocco , but 50 miles fromhis office , the Chineses are already there , suppluying goods again hard to get foreign currency , he should go back to school , or go around the world to make up his mind . also banking for foreigners is welcome when it is deposits , I ask for borrowing 35000dh to buy a second hand car Uno , and after 7months never get a reply , frome my Bmce manager even by mail ! funny way to do business ,In England answer will not take more than 48 hours ans most of the time, it's yes !!!!Good luck !!! Morroco

I had moved back to Morocco from the US about three years ago after 20 years. I had nothing but problems with Moroccan banks. In the last 3 years I went through Four banks; each time thinking that this time I am dealing with a better bank. Moroccan Gangs...sorry, banks work like a legal and organized mafia. They charge crazy fees for everything and anything.Service SUCKS...mistakes are a normal occurence, and your money is never there when you need it; if the amount to withraw is a bit large, many require you to let them know a day or so in advance...My advice to all is to use a foreign bank in Morocco, unfortunately there are not many in Morocco or only based in Casablanca or Rabat...I miss US Banks.

Unless the Moroccan Diaspora organizes itself and start working on its immediate needs from the bottom to top, we will remain marginalized by all meaning. Talk is cheap from both sides, within the Moroccan living abroad and from Morocco. There must be an approach to start proactive actions to lead the way for a possible change. I can see Moroccan entrepreneurs leading new major business such as air charter FROM US to Morocco, new online TV to discuss the issues of Moroccan abroad (not just the pretty one which is limited to few successful people) , founding new banking for the Moroccans abroad. Once the community is well organized, everyone will be after us in the hope of doing business with our terms. The 21 century has no place for weak people. Whether we like it or not, we will be organized within in the next 20 years or 50 years. We can Do it!!!!

I did witness same practices with a different Bank for transfering money from Morocco to U.S. (as the popular saying "like a saw eating both ways"). Actually all the banks in Morocco will resort to these practices cause it's the JUNGLE yet in this field, no control/monitoring, and above all the big guys want your money, and they no you will complain in a few words then life will continue. However, as customers we have the power, and if we are smart we can use it...

+4#44SAY NO to corruption, nepotism, third world mentalities, criminality and the worst customer care you will ever see - Say NO to Moroccan Banks —
Moroccan Patriot2010-09-08 06:08

There is only one solution when it comes to dealing with Moroccan Banks, DON'T USE THEM. All people who live outside of Morocco, or are paid in Dollars and Euro's do NOT HAVE to use Moroccan Banks; so Don't. When you use Moroccan Banks, you feed them. Moroccan Banks are like a cancer that feeds upon foreign currency. If you do NOT feed the Monster, the Monster will eventually die. The Beauty is that if you can bring down Moroccan Banks, you will also bring down the corrupt governemnt officials who back corrupt institutions like the banks.

Only a complete Moron would continue to use Moroccan Banks. There are black market options for exchanging hard currency. There are numberous ways to circumvent Moroccan Banks if you just think on it hard enough. As for the Moroccan population who are held prisoner to the evils of Morocco's banking system, all I can say is, create your own "mini banks". Take your money and lend it to your family members once every year. If you do not have enough family members, form community lending groups. The banking system in Morocco is so bloated and inefficient, you would be surprised as to how little it would take to bring it down.

Every Year, hundreds, if, not thousands Moroccans graduate from some of the finest institutions in the world. We are talking Harvard, Yale, Princeton... in the USA alone!

Never mind Oxford, The Sorbonne, Ecole Polytechnique and on and on...

Most of those students. Our bright shinning lights go back to Morocco. Their mission is simple and should always HAVE been :

Perform Critical CPR on the moribund Moroccan economy! Take Morocco to the next level! Kick everything, anything up! Just a notch! PLEASE! LahYarham Wallideek!

Just make us believe!

You're the scholar! A De-facto leader! People in Morocco worship academic achievements. Particularly when an overseas stamp is attached to the KNOWLEDGE!

SAD!

After Countless Foreign-generated MBA's. PHD'S, MD'S and other garden variety Dee's. My beautiful CASABLANCA is as screwed up as ever! Worse : The people who are destroying my city are : sleazingly and unapologetically doing it with Pride and DIPLOMAS!

The infernal and eternal cycle of moral corruption just keeps feeding ON itself.

We have MERDAS In Morocco! They are lowly civil servants, with ill-fitting uniforms, Bangladeshi-sized minimum wage salaries, and frankly an attitude to match their misery! Who can blame them? Still I have more respect for the MERDA than the know-it-all OUSTAD who hail from a foreign university

You can give an American bank card to a person authorized to use it in Morocco to withdraw money for you. You may not be able to withdraw large sums of money but maybe enough to save you the kind of headaches you're talking about. Let me tell you one more thing: Morocco doesn't care about those who live in the USA. A Moroccan banker once told me we--Moroccans in America--aren't well-off enough as Moroccans in Europe; most of us can't even travel to Morocco anymore. Our country is only after those who have money and can buy real estate to feed the few who laugh at us for having left our country. Can anyone tell me why our television stopped broadcasting the national team's games? We are nothing.

Bankers, with their hypocritical veneer of respectablity, their shiny suits, smooth handshakes and phony smiles, fooling the most vulnerable people into leaving them in charge of their money. Poor people's money that they then systematically pilfer using completely unjustifiable reasons and charges; they make sure to leave the rich and powerful alone, reserving for them their best services, knowing that they can't get away with as much as they can with them as they can with the less privileged. Moroccan banks are all this and worse as they're also totally incompetent.

I've spent a lot of time in Morocco and I adore the country and most of the people I've met. I had an ambitious socio-cultural project there that could have changed the lives of many young people for the better. However, the rampant corruption, the unbearable, egocentric pretentiousness of the tiny but powerful, wealthy elite and the endemic hypocrisy of the Makhzen and their accolytes that Hassan II left as a part of his dubious heritage makes any ambitious project very unlikely unless it has the backing of the King himself. And how likely is that? Banks are, unfortunately, a part of that unhealthy, incestuous, self-serving culture. All the talk of tolerance, brotherhood and any of the other worthy aspects of Islam is used as a tool to govern/control a people that is, in its vast majority, uneducated and accustomed to being told what to do and think. Banks are a part of this appallingly devious system that takes advantage of the massively disproportional difference between the masses and the élite.

Dear immigrants from Morocco and wherever you are on earth, the banking systems anywhere in this planet is a kind of formula or a kind of monopoly of financial system as a whole you think you can change it NO WAY, no matter you do, but the only think you have to think about is how you can navigate that system in your own way and also it depense how much clever you are to go through that system to protect your money wherever you are, but even you think that you are protecting your money or the pennies you may have, but the banks are laughing at you because you are holding in your pocket just some papers with no value which they rate it up or down, like the housing bubble it happened in the states you buy a $1 million home then after the market collapse it doesn't worth even a $1/4 million, but anyway the moroccans banks a full with only a bunch of assholes...think about it ??

I fully agree with Lahbib S. assessment. Moroccan overseas are not organized, they're weak and considered as a flock of sheep ready to be screwed by wolves. Having to say that, I noticed that most of the commentators including Adil Naji the writer of the article are ignorant or uneducated about the Moroccan banking system. They're all talking about the commercial banks omitting to talk about Bank AL-Maghrib (Central Bank), the most important piece in the puzzle. Indeed Bank AL-Maghrib centralizes all the hard currencies coming from abroad. When Naji sent a wire transfer to his bank in this case Attijari-Wafabank on August 10, 2010. First thing Attijari will do is to cede the same day they receive it the hard currency to Bank-Al Maghrib by giving an order to its correspondent abroad to credit the account of Bank-Al Maghrib abroad (could be Citibank or another correspondent)).Bank Al Maghrib will receive a SWIFT from its correspondent indicating the amount Attijari transferred to Bank-Al Maghrib and will process it and credit the account of Attijari at the Central bank in Dirhams. This operation took place on the August 11, or 12. Once Attijari received a notice that her account is credited in Dirhams. Then, they processed it and credited (minus their commissions) the account of Adil Naji on August 13, 2010, with the exchange rate of August 10 the date the SWIFT was processed at Bank-Al Maghrib.I hope this small contribution will help Mr. Naji and others understand how the banking system works in the Kingdom of Morocco. A system no doubt benefits most those in power

Thank you to Morocco board for brining very insightful information. I must admit that the engagement and the dialogues expressed as comments made me feel proud f our community. I see constructive criticism rather than Blablabla…You raise the bar very high with these kind of investigative journalism.Though we may not find the solution on how to deal with Moroccan banks , but we at least know the diagnosis . Thank you Moroccoboard

Hilarious but True Without even reading the article, I concluded from the image that there is more than a scandal. After I read it along many comments, I decided I will be extremely careful in doing business with Moroccan Banks. I like the caricature so much that I would kindly ask the author or the people behind it to send it to me in nice resolution to print it and put it in my home office. Whether we like it or not, it is hilarious but illustrate the true image of the bankers in morocco.

My customer sends me wire transfers in payment for my exports that take three weeks to post to my bank account. It could arrive faster by ship. When will the Moroccan banking system join the 20th century let alone the 21st?

Attijari Wafabank is partially owned by O.N.A, the royal family holding. I think the best way to deal in general with injustice in Morocco is to avoid to deal with these people or to do any business with them that will in fact just encourage their unfair practices. So close your bank account with them. I intend to do the same with my two bank accounts in Morocco, although I may need them.

All Moroccan Banks does the same, they care less, they think no one will take the time to investigate. This is the kind of mentalities that are still keeping us away from doing anything in that country

Banks in Morocco do not yet meet international standards, let alone operate as such. Until the financial system in Morocco goes through a complete overhaul, reform and re-structuring phase, other financial systems (US or others) will not want to deal with him. It is that simple. FYI- 10-15 years ago, transactions within Moroccan banks wasn't even possible....Bank Al-Maghrib called in wire transfers to BMCE, BMCI sent courriers with checks to be verified at Treasury before completing a transaction.

Morocco is a small, but yet, rapidily developing county. Look, 20, 30, or even 50 years is a relatively short time for a country to establish or reform itself. It takes decades to accomplish a sound and strong infrastructure (financial, govermental, or else). I'm not settling for sub-standards here. I really think we should praise Morocco for what it has accomplished, and aim at higher goals.Some countries, considered by UN the same levels as Morocco, don't even offer their citizens the opportunity to have a bank account...forget "transfering money". Wire transfers are sent to neighboring countries....Now, this will take some time! :-)We are on the right track. Moroccan banks are now dealing with more banks (internationally) than before.

Solutions my friends are desperately needed. Morocco needs your help. There are talented smart Moroccans working abroad. We need your expertise! Don't be selfish. Your country, your kids will benefit from your knowledge in the years to come. Pride doesn't stop at defending your country when someone says bad things about it. Pride is also making sacrifices for the betterment of your countrymen

I just opened and account with CIIH sorry I dont even know the real name of my Moroccan bank. anyway In hope I wont get scam or robbed. I wont wire the money. USE MONEY GRAMM then let your mom or dad or anybody u trust to withraw the money then deposit it in u bank. great idea. the charges will be less and secure the rate of the currency

It’s basically lack of regulation; Bank AL magrib is not forcing the Moroccan bank to follow the industry standers. They use the same computer application to run the day to day activities and configured with one thing in mind is to screw consumers. Organization thrive to achieve ISO and the Moroccan Bank thrive to achieve Assho**.

I completly agree with Si Ali Bourass. Bank Al Maghreb is allowing for this kind of manipulation knowing that consumers have no power to defend of at least antimidated to even ask of of their rights. How can they do it ? All banks in Morocco are controled somehow by few families in morocco who either part of royal family or so important that you will end up in prison if decided to go after them. Moroccan banks and givernment is so far from transparency and accountibilty as far as the distance bewen of the sun and earth.

My Moroccan customer said they have wired my company a certain amount to our EUR account. And that was 3 weeks ago! Still nothing received. I asked the customer for a proof of payment and He gave me a order doc with his company's header with only the bank stamp. This obviously prove that the bank wired the money.

Do you have any tip on how to check if the bank really wired the money?Does this story seem familiar to you?

I am expecting more payments from this customer in the future, do you recommend an alternative for sending cash abroad? (amount over 10k EUR)

We can all bitch and complain about how unfair the banks are, but without an alternative there is nothing that can be done.

I've sent money using different US banks to morocco and other countries needless to say morocco and specifically Wafabank was the biggest abuser. They both hold on to funds for extensive amount of time and on top of that they skim off the transaction by adding their transaction fee that is impossible to calculate. Most of the times I sent money wafabank was just the intermediary not the recipient's bank but they still managed to add a transaction fee. I called BOFA and WAMU (before the chase acquisition) and they were not able to tell me ahead of time how much the transaction was going to cost on the intermediary bank side (WAFABANK). Keep in mind that I had already paid a transaction fee at the US bank side.

I can go on and on ranting but at the end what is the alternative??... I think if people start putting solutions instead of just complaints we can get back at these banks by simply not using them or minimizing their profits. So if you are a former worker at a bank or exchange rate department please post some tips on how to avoid these pitfalls

My only alternative to you is to find a student or someone who is in need of cash here in the us and you give them the cash while their family give you money back in Morocco. In this case both sides win, no transaction fee and no shady bank business. I know this borders on money laundering but there aren’t many other choices.

I have tried to transfer US dolars to Morocco, but it was not quite easy. They have refuse to allow the transfer. I waited 3 weeks and then they mentioned we can not do it. Once my US dollars waited for 3 weeks then it was exchanged to Dirham. They wait until the US dollars raise, then they do the exchange and give you the lowest exchange you received the first time, if it drops, you are not going to get any dirhams. Go figure it out. My big question, is how the US dollars only transfer to 8 dirhams and it is very stable for a while. I never heard of a country that they have a stable currency expect Morocco. They are theives. It is better to keep your money in US I guess.

We need someone to go force them to put the right rate of US dolars to Moroccan dirham.Somone should approach the congress in USA and let them know about the illegal conduct of these theives. They just listen to power. I suggest everyone write a letter to his congress man.

Morocco is strage country, Garbage every where and the cost of houses very high, school and roads are too poor an houses are highly prices. Standard of living is comparable to USA and quality is comparable to Soudan. They need a revolution. This system should not last long. Very bad for all the people inside and outside.Thieve every where. Look at the borad of OCP and you will know. Team of theives. Wassalam

Companies like CIH are criminal in all aspects of their business. As a result of stealing money, ripping off customers and literally robbing client accounts, Bank Al Maghreb gave them Billions - which of course led to a 50% increase in their stock price over a one week period!

CIH are criminals. BMCE are Criminals. The Banking system is Morocco is Criminal, run by criminals... the killer is that the employees in these banks are rude. So you end up having a criminal structure being represented to the public by dim witted incompetents, the perfect storm during which to affect theft.

I myself have a convertible account and am NOT able to wire money out of the country, even to myself! The only way I can get my money is by exchanging it into Euro or Dollars and physically flying it out of the country. I also have to make sure to pay their criminal exchange fees!

I have not brought a single dollar into Morocco in the past 3 years, and have been withdrawing money using my US bank card when I absolutely need to. I decided to just say no to Moroccan banks.

I also decided to NOT purchase any property in Morocco. Why leave properties in the US where rent can actually bring money in for you without a headache - and the rule of law protects landlords to buy bricks in a place where there is no rule of law, the air quality has given rise to a dramatic uptick in Asthma reports in children and there is no public education, no parks and no real services of any kind provided.

I agree with you Adil. I understand your worries and critics of the banking system in morocco. Any kind of practice is not acceptable anywhere. But again it's an unethical behavior of the managers, It's an other dimension of the financial capitalism. Criticism is good, feeling of compatriot is an amazing thing but I think that it s a mistake to make a judgement on the hole system and furthermore the economic reform based on our bad experience ! We can easily be a victim of hyper-criticism.

My point ? I know you are asking that question :-) ! Ok ! => complaining, or constantly finding fault without putting things in the right context is not the optimal way to make things better !

This paragraph is off subject !!!! "For the past decade, the Moroccan government has been working to lead a transformation of its economy to achieve sustainable growth based on collaboration with the private sector, to accelerate economic activities to attract foreign investments, reach the goal of 10 million visitors per year, and build a structure to sustain its growth and protect foreign investments. Unfortunately, the banking system seems to be working only for its own benefit, without a strategic plan for the country; in fact, the economic reforms that were put in place in the mid 80's to facilitate the transition from a controlled economy to a liberalized economy driven by the participation of the private sector, especially the financial institutions, now represent a threat that may lead to a failure of the economic reform."

The thing that most of people are not aware of is that more serious manipulations are exercised at the financial sectors all over the world and specially in the USA. At least in Morocco people are able to target the issue and come out with some solutions but what if you don't know what is happening when billions just suddenly evaporate !

Hi,My wife is a Moroccan national. She opened a saving account with Attijari Wafa Bank. after sometime when she visited to close the account the guy there told, it will be closed automatically if there is no transaction. After 6 months she again visited to close...they said now you have to pay 450 Dirham and it will be closed automatically.... after 6 months again when she visited they are saying now to wait till October till the interest upto October is accrued alongwith 'insurance charges' and that it cannot be closed now. Can you imagine the stupidity ??? Can anyone help me what to do where to go to get these cheaters and thugs get on the right track ? How many poor and simple Moroccans are being victimised daily by these vultures. Regards, Mohammad Khan

It is better to take a flight , go there, give the money , see the ward & come back than to run after these stupids.The illiterates wearing Coats & Suits in 35 Deg C and thinking themselves big shot of the Banking Industry.

[quote name="Mohammad A Khan"]Hi,My wife is a Moroccan national. She opened a saving account with Attijari Wafa Bank. after sometime when she visited to close the account the guy there told, it will be closed automatically if there is no transaction. After 6 months she again visited to close...they said now you have to pay 450 Dirham and it will be closed automatically.... after 6 months again when she visited they are saying now to wait till October till the interest upto October is accrued alongwith 'insurance charges' and that it cannot be closed now. Can you imagine

EXACTLY THE SAME IS HAPPENING WITH MY WIFE , SHE IS ALSO A MOROCCAN CITIZEN , OPENED ACCOUNT ( SAVING ACCOUNT ) AT BMCI BANK ON 2008, BUT SHE COUND NOT OPERATED THE SAME ACCOUNT SINCE THREE YEARS AS SHE LIVED IN INDIA WITH ME AND CHILDREN , BUT WHEN SHE ASKD FOR CLOSURE OF THE ACCOUNT THE BANK HAS DEMANDED 400 DIRHAM AND IT MAY GO UP ALSO THEY STATED . WE AT INDIA WE ARE HAVING ALMOST ALL TOP RANKING BANK OF THE WORLD INCLUDING OUR OWN BANKS BUT I NEVER FIND THIS TYPE OF BANKING RULES TO BEFOOL SAVING BANK ACCOUNT HOLDERS . THESE ARE SIMPLY A PLANED AND SYSTEMATIC EXTORSION BY THESE BANKS OF MOROCCO IN THE ABSENCE OF STRONG GOVERNMENT REGULATORY ATHOURITY

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